KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb will discuss global finance challenges and meet policymakers from other countries at the Fourth International Conference on Financing for Development (FFD4) being held in Spain this week, the finance ministry said on Monday. 

The conference, which is being held from July 1 to 3 in Seville, will bring together leaders, policymakers and international development experts to explore innovative and sustainable financing strategies to accelerate progress toward Sustainable Development Goals (SDGs), particularly for developing and emerging economies, the finance ministry said. 

Aurangzeb is scheduled to take part in several key conferences and high-level side events, where he will present Pakistan’s take on the prevalent global finance issues and greater cooperation among nations. 

“The Finance Minister’s participation at FFD4 underscores Pakistan’s commitment to promoting innovative financing solutions, strengthening international cooperation, and enhancing the country’s voice in global development discourse,” the finance ministry said. 

Sharing details of the finance minister’s engagements at the conference, the ministry said he will co-chair the multi-stakeholder roundtable on ‘Leveraging Private Business and Finance’ on July 1 and deliver a keynote address at the International Business Forum Policy Dialogue on ‘Accelerating EMDEs Investment: The Role of Credit Ratings.’

The minister is also scheduled to address the General Debate of the conference and participate in the roundtable discussion on ‘Revitalizing International Development Cooperation,’ the ministry said. 

It added that as part of a UNICEF-hosted side event, Aurangzeb will speak on ‘Driving Capital Towards Children and Young People: A Dialogue on Innovative and Sustainable Financing for Children.’

It said the finance minister will also attend and speak as the chief guest at a special session titled ‘Swapping Out Debt for Development: The DCS Financing Approach,’ where he will highlight Pakistan’s perspectives on debt transformation and the potential of deposit protection mechanisms to support development finance.

He will also participate as a panelist at the International Business Forum’s side event on ‘Scaling Up SME Finance,’ focusing on enhanced financial inclusion for small and medium-sized enterprises, the ministry added. 

“In addition to his conference engagements, the Finance Minister will hold bilateral meetings with key international figures, including Mr. John W.H. Denton AO, Secretary-General of the International Chamber of Commerce, and H.E. Mr. Steven Collet, Vice Minister for Development of the Kingdom of the Netherlands,” the finance ministry said. 

Pakistan has been navigating a tricky path to recovery from a prolonged macroeconomic crisis that has weakened its foreign exchange reserves, drained its resources and triggered a balance of payments crisis. 

The government says it is committed to the reforms course, which includes privatizing state-owned enterprises incurring losses, widening the tax base and improving its energy sector. 

ISLAMABAD: At least 45 people have been killed and 68 injured across Pakistan in rain-related incidents since June 26, the National Disaster Management Authority (NDMA) said in its latest report as heavy monsoon rains continued to batter the country. 

Heavy rains have lashed Pakistan’s Khyber Pakhtunkhwa (KP), Punjab and Sindh provinces since June 26, raising water levels in rivers to alarming levels and triggering floods in various cities across the country. 

The latest casualties took place as the NDMA issued multiple impact-based weather alerts on Sunday, forecasting widespread rain with wind and thundershowers, accompanied by isolated heavy falls across various regions of Pakistan from June 29 to July 5. 

“NDMA urges all provincial and district administrations to remain on high alert, activate contingency plans, and ensure timely dissemination of warnings in local languages,” the authority said on Sunday. “Citizens, especially those in high-risk areas, are advised to stay updated through official adviseries, avoid unnecessary travel near glacial streams, riverbanks, and flooded roads, and keep emergency kits ready.”

As per the latest NDMA situation report, 45 people have been killed and 68 injured from June 26-29 in Pakistan’s KP, Punjab, Sindh and Balochistan provinces. The casualties include 23 children, 12 men and 10 women. 

KP reported the highest number of casualties from rain-related incidents, 21, followed by Punjab with 13, Sindh with seven and Balochistan with four deaths. Punjab reported the highest number of injuries at 39 followed by Sindh with 16 while KP reported 11 and Balochistan two. 

The report said flash floods claimed the highest number of casualties, followed by electrocution, drowning, lightning and other factors. Flash flooding in KP’s Swat River last week claimed the lives of 12 tourists while Rescue 1122 emergency service said it was searching for one missing boy on Sunday. 

Pakistan, home to over 240 million people, is considered one of the world’s most vulnerable countries to the effects of climate change and faces extreme weather events with increasing frequency.

These extreme and irregular weather patterns include droughts, heatwaves and torrential rains which experts have attributed to climate change. Unusually heavy rains and the melting of glaciers in June 2022 triggered cataclysmic floods that killed over 1,700 people across Pakistan, washed away swathes of crops and damaged critical infrastructure. Pakistan estimated the damages to be worth over $33 billion.